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Show uu A HEAVY FALL IN FOREIGN EXCHANGE. Great Britain and France are beginning be-ginning to show the effect of tho financial fi-nancial strain of the war. Today English pound sterling fell on tho New York market to the lowest American value ever recorded, dropping drop-ping to $4.66. The pound sterling ordinarily or-dinarily exchanges at $4.8665. Tho present rate Is very much as though our fivo dollar gold pieces wore to pass for only $4.80. The franc, which at the opening of the war, was exchangeable at an equivalent of 5 francs for one dollar, now is worth less than 16 cents. This upsetting in exchange undoubtedly un-doubtedly Is duo to the heavy war orders placed in the United States, accompanied by the effort of our manufacturers and grain dealers to realize en thelr-foreign paper. The conservative business man is uneaBy until he has converted his order on London or Paris banks into American money ana no is wunnj; to sacrifice some of his profit ln order to secure himself against the possibility possi-bility of the war demoralizing English Eng-lish and French credits. The exchange market today diB-clotfes diB-clotfes to what extent British and French credit already has been Btralned by a war which is calling for an expenditure by each nation or approximately $20,000,000 a day. This drop in exchange follows the sending to this country in one shipment ship-ment of $50,000,000 in English gold. |